SHANGHAI, Sept. 21 (SMM) – LME nickel prices opened at USD 9,990/mt last Friday, and surged but fell back later on. LME nickel prices fell below the 20-day moving average in the afternoon. During European and US trading session, LME nickel prices fell all the way due to mounting short momentum, and dipped to USD 9,700/mt. Trading volumes broke through 10,000 lots, and total positions increased 2,903. LME nickel inventories grew 2,670 to 453,000 mt.
LME nickel prices are expected to fall further today. SHFE 1601 nickel contract prices will hover between RMB 76,500-77,500/mt today. Spot nickel prices in Shanghai are expected to drop.